Kofi Ahovi

  The Government has announced a plan to construct 609 new homes for public sector workers, a significant move aimed at addressing the country’s escalating housing deficit. This initiative, part of the District Housing Programme, was disclosed by Minister for Works and Housing, Kojo Oppong Nkrumah, during a press briefing in Accra on September 30, 2024. The newly planned housing units are targeted at essential public sector employees, including teachers, nurses, and police officers, particularly those serving in rural and underserved regions. Minister Oppong Nkrumah emphasized the government’s commitment to improving the living conditions of public servants, stating, “These new housing units are part of our broader efforts to tackle Ghana’s housing deficit, which currently stands at an estimated 1.8 million units.” He further underscored the importance of decent housing, asserting that it plays a pivotal role in enhancing the quality of life for public employees. “Decent housing en...

 The Government of Ghana has signed a Letter of Intent with the Government of the United Arab Emirates (UAE) for a grant of $30 million. The grant will provide additional and alternative livelihood support to forest fringe communities as an incentive for them to engage in enhanced forest protection, forest restoration and reforestation. This forms part of efforts by the government to achieve the biodiversity and climate objectives under the Resilient Ghana Package launched at COP28 in Dubai, last year. The Minister for Lands and Natural Resources, Samuel Abu Jinapor, who signed on behalf of Ghana last Friday, reiterated the government’s commitment to developing strategies to restore habitats, protect endangered species and promote resilient ecosystems. He noted that though the challenges were daunting, through collaboration and a shared vision, Ghana could develop sustainable solutions that benefit not only the country but the entire global community. He expressed appreciation to t...

  Safaricom, the largest telecommunications network provider in Kenya, intends to partner with tech juggernaut Elon Musk’s Starlink, which has disrupted the internet market owing to its competitive packages and faster internet speeds. Speaking to Bloomberg, Safaricom Chief Executive Officer Peter Ndegwa explained that the potential partnership will ensure Musk’s Starlink complements local technology. He added that the satellite technology is effective in providing internet to rural areas and other places that fibre-based technology, used by Safaricom and other local providers, cannot access. Ndegwa also heaped praise on Safaricom’s impact, noting that 4G technology has 95 percent reach across the country while fibre optic cable is becoming a fan favourite for homes and multinational companies. The CEO was responding to concerns about curtailing Starlink’s wave after writing to the Communications Authority of Kenya (CA), asking them to reconsider its decision to grant licenses ...

Chris Aston, Team Leader of the UK-Ghana Gold Programme (UKGGP), has outlined critical recommendations aimed at reforming Ghana’s artisanal and small-scale gold mining (ASGM) sector, which is currently mired in inefficiency, environmental degradation, and vulnerability to criminal exploitation. Speaking at a UKGGP Post-Manifesto Engagement with Political Parties on Tuesday, September 24, Aston pointed to systemic issues that, if left unchecked, threaten both Ghana’s economic stability and its security. The first recommendation centred on addressing the financing shortfall for small-scale miners. Currently, artisanal miners, who contribute significantly to Ghana’s gold production, lack access to government-backed financing. As a result, many are forced to rely on informal, and often opaque, funding sources from foreign intermediaries including actors from Burkina Faso, Lebanon, China, and India. This informal network, Aston suggested, introduces substantial risks to the integrity of the...

Ghana is at risk of evolving into a “GalamState,” a captured state where illegal mining is normalised and institutions have been compromised by entrenched corruption, according to Professor Kwesi Anning, Director of the Faculty of Academic Affairs and Research at the Kofi Annan International Peacekeeping Training Centre. Speaking at a Post-Manifesto Engagement with Political Parties organised by the United Kingdom-Ghana Gold Programme (UKGGP) on Tuesday, September 24, Anning outlined a troubling trend of state failure tied to the proliferation of illegal mining, known locally as galamsey. In his presentation, the security expert coined the term “GalamState” to describe Ghana’s current trajectory, warning that the country’s key institutions—the legislature, executive, judiciary, regulatory agencies, and private sector—are increasingly being captured by organised criminal networks linked to the illegal mining industry. The term ‘GalamState’ reflects a situation in which the state’s struc...

The Support to Private and Financial Sector (PFS) Programme has launched the Access to Finance Training initiative, targeting 3000 Micro, Small, and Medium Enterprises (MSMEs) across five selected regions in Ghana, Accra, Bono, Bono East, Ahafo and Ashanti. Funded by the German Cooperation through the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, this initiative aims to enhance the financial   and business management skills of MSME owners and managers. By improving their understanding of financial management and risk management, the programme equips them with the knowledge and tools necessary for effective enterprise management and increased ability to access financial services. The three-day training sessions will reach MSMEs from 15 selected trade associations in Ghana, with a special focus on women-led businesses and persons with disabilities. These sessions are designed to provide entrepreneurs with practical experience in financial and risk Managemen...

 The Chamber of Petroleum Consumers (COPEC) Ghana has disclosed that the quality of petroleum product is the number one preference for consumers in the Ghanaian market. This is followed by the right price quotation, and then the right quantity served at the pumps. The revelation follows the recent rise of indigenous oil marketing company, Star Oil, becoming number two in volumes sales on the market. The company, has climbed up to beat TotalEnergies and Shell, becoming second to GOIL which sits at the top. Star Oil’s rise has been attributed to its competitive pricing mechanism. Speaking to Joy Business, Executive Secretary of COPEC, Duncan Amoah said despite the price differentials, consumers always look out for fuel with the best quality product. The number one concern as far as the consumer preference is concerned, is always about the right quality. When you move from the right quality parameter, they will now look at the right price, and the third most essential is the right qua...

  The Member of Parliament for Sekondi Constituency, Andrew Egyapa Mercer, has justified the government's proposed bill to merge the Volta River Authority (VRA) and the Bui Power Authority (BPA). According to him, the merger of the two authorities is an absolute necessity. In an interview on Joy FM’s Top Story on Tuesday, September 3, Mr Mercer explained that the merger under a sole 'Ghana Hydrological Authority' entity is intended to streamline the operations of the two authorities. At this point, the policy is to delink the thermal assets of VRA and let them focus on hydro, which was the objective of setting it up in the first place—to manage all the assets in the Volta River. That is why they have custody of Kpong because Kpong was done subsequent to Akosombo," he stated. His comments come in response to strong opposition from the First Deputy Minority Whip in Parliament, Ibrahim Ahmed, who labeled the proposed merger as "state capture." Ahmed argued that ...

  Dr. Stephen Amoah, Deputy Minister for Finance The government has earmarked GH¢8.2 billion to support Small and Medium Scale Enterprises (SMEs) in the country under the Growth and Opportunity Initiative for Small and Medium Enterprises project. Dr. Stephen Amoah, Deputy Minister for Finance, who announced this, said the key driving agencies for the initiative would include the Ghana Enterprises Agency (GEA), Ghana EXIM Bank, the Development Bank Ghana (DBG), and the International Finance Corporation (IFC). The GEA will receive GH¢200 million to provide support to high-growth SMEs through small-scale grants and loans with highly subsidized rates for up to two years. The Ghana EXIM Bank will also be supported with GH¢500 million to offer SMEs highly subsidized financial support for both capital and operating expenditures and offer capacity building to programme beneficiaries. The Development Bank Ghana will also commit a total of about GH¢1.2 billion to support SMEs through partici...

  The latest Bank of Ghana (BoG) Monetary Policy Report has shown a slight decrease in the number of advertised jobs in June this year. In total, 2,968 job adverts were recorded in June 2024 as compared with 2,993 for the same period in 2023. The report showed that the number of jobs advertised in selected print and online media, which partially gauges labour demand in the economy, remained largely unchanged in June 2024 relative to what was observed in the corresponding period a year ago. “Cumulatively, for the first half of 2024, the total number of advertised jobs went up by 2.4 percent to 17,278, from 16,866 recorded during the same period in 2023”, it said. The Monetary Policy Report highlights the economic and financial sector assessments that the Monetary Policy Committee (MPC) considered prior to the policy decision during the 119 th meeting held in July 2024.

  The Bank of Ghana (BoG) in its latest Monetary Policy Report has revealed that confidence surveys conducted in June 2024 indicated some softening of consumer and business sentiments. According to the central bank, exchange rate volatilities in May 2024 posed the biggest challenge to businesses, affecting their operations. “The Business Confidence Index dipped to 88.8 from 92.6 in the same comparative period as businesses expressed concern about the cost implications of the rapid exchange rate depreciation observed in May 2024”, it said. Similarly, the report showed that Consumer Confidence Index declined to 81.2 in June 2024, from 87.7 in April 2024, on account of high food prices and some uncertainties about future economic conditions. These findings were broadly in line with observed trends in Ghana’s Purchasing Managers’ Index (PMI), which fell below the 50.0 benchmark to 49.7 in June 2024, from 51.6 in the previous month”, the BoG explained in the report. Industrial Consumpti...

 President Nana Addo Dankwa Akufo-Addo has approved a framework for negotiations with the successful bidder(s) in the ongoing resolution of the Saglemi Housing Project. The approval follows a request by the Minister for Works and Housing, Kojo Oppong Nkrumah. Under the new framework, the value of the work already completed at Saglemi will be treated as the government's equity in the project, while the cost to complete the remaining work will be considered the equity of the selected partner in a Special Purpose Vehicle (SPV) to be established for the project's completion. Proceeds from the sale of the houses will be shared between the government and the private partner based on their stake in the SPV. The Saglemi Housing Project, originally intended to deliver 5,000 affordable housing units, received approximately $200 million in government financing. However, only 1,506 units were partially completed, and the project was halted due to a lack of essential infrastructure such as ...

  Blue Gold Bogoso Prestea Limited, the new owner of the Bogoso and Prestea gold mining leases, has announced it has restarted operations at the Bogoso and Prestea mine following a period of care and maintenance, since December 2023. According to the company, underground mining activities and dewatering has commenced, and its teams are preparing the processing plant for gold pour. In parallel 9km of access roads has been prepared for the commencement of the tailings lift, which will be completed under the supervision of the engineer of record, Knight Piesold. Over 200 staff resumed work in August and the company will continue to expand the number of workers on site during September and October," said the company in a statement. It said the decision to restart the mine coincides with the conclusion of a strategic partnership and funding with global metal and mining company, Gerald Group, under which terms Gerald will invest in the mine to increase resilience and throughput capacity...

 Since its inception in 2014, the Akyem Social Responsibility Forum (SRF) has consistently championed respectful engagement and collaboration between Newmont Golden Ridge Limited Akyem Mine and its host communities on the most impactful benefits the presence of the mine offers the communities.  The forum, made up of representatives from all the communities, government agencies and Newmont, is governed by three main agreements. The first, which is the relationship agreement, establishes a formal working relationship between the mine and the communities through the Forum and the Complaints Resolution Committee. The employment agreement establishes Newmont’s commitment to job sourcing for both skilled and unskilled vacancies.  The Foundation agreement details Newmont’s commitment to invest $1 per ounce of gold sold and 1% of profit before tax annually for social development through the Newmont Akyem Development Foundation. A report from the Foundation’s Secretariat shows tha...

  The Chief Executive Officer of Kaysens Gas Company Limited and Chairman of PSSTC, E.D.M. Stephens ACP (Rtd) has dismissed the assertion that the Cylinder Recirculation Model (CRM) will stop explosions at the gas filling stations, saying, it is rather safety precautions that will prevent explosions. According to him, there have been only two explosions - the Trade Fair Site in December 2016, and the Atomic Junction in October 2017- for close to 30 years that the existing plants have been operational, Reacting to an article by Festus William Ameyaw of Express Gas Ltd, E.D.M. Stephens ACP (Rtd) said it would be necessary to refer to the report of the Private Sector Safety Technical Committee (PSSTC) which investigated the explosion at the Atomic Junction in August 2018, adding, the report concluded that CRM is not a panacea to safety and that manual refilling of cylinders has not caused a single LPG explosion in the country. “The report noted that discharging LPG from BRVs to statio...

  Nigeria's Dangote Oil Refinery has begun processing gasoline after delays caused by recent crude shortages, an executive said on Monday. The $20 billion refinery on the outskirts of Lagos, built by Nigerian billionaire Aliko Dangote, began operations in January with output of products including naphtha and jet fuel. With a capacity of 650,000 barrels per day, Africa's largest refinery promises to ease oil producer Nigeria's costly reliance on imported oil products. "We are testing the product (gasoline) and subsequently it will start flowing into the product tanks," said Devakumar Edwin, a vice president at Dangote Industries Limited. He did not say exactly when the gasoline would hit the local market. Edwin said state-oil firm NNPC Ltd, Nigeria's sole importer of gasoline, would buy its gasoline exclusively. If no one is buying it, we will export it as we have been exporting our aviation jet fuel and diesel," Edwin said. The delivery of gasoline into t...

 Switzerland became Ghana’s number one export partner with exports from Ghana to Switzerland amounting to $3 billion in 2023. The bilateral trade volumes shot up from $1.5 billion in 2019 resulting in over $3 billion recorded in 2023. Madam Simone Giger, the Ambassador of Switzerland to Ghana, speaking at a reception to celebrate the 733rd anniversary of Switzerland’s founding, said Ghana retained its position as the second largest trading partner with Switzerland in Sub-Saharan Africa after South Africa. On National Day, Switzerland celebrates its institutions, which have bolstered its democracy and prosperity since the adoption of its constitution in 1848. The grand diplomatic reception brought together a distinguished gathering of high-ranking officials, including Ambassadors, government officials, chiefs, chief executives of Swiss businesses, Swiss community in Ghana. Ambassador Giger said the ongoing development cooperation that existed between Ghana and Switzerland was a test...

  Government will increase the state-guaranteed price paid to its cocoa farmers by nearly 45% for the 2024/25 crop season, two sources with knowledge of the price review told Reuters. This according to the sources aims to help boost their incomes and deter bean smuggling out of the country. The world's number two cocoa producer raised the farmgate price by more than 58% to ¢33,120 ($2,123.08) per metric ton, or ¢2,070 per 64 kilogram (kg), in April for the rest of the 2023/24 season. The mid-season price hike came after top cocoa producer, neighbouring  Ivory Coast , raised its farmgate price to 1,500 CFA francs (US$2.55), or around ¢40 per kg for the April-to-September mid-crop of the 2023/24 season, up from 1,000 CFA francs last season. One source said Ghana's cocoa producer price review committee had pegged the price at 48,000 cedi per ton, translating to ¢3,000 per 64 kg of cocoa, for the 2024/25 season due to begin later in September, an increase just shy of 45%. The sour...

  Some oil marketing firms have started reducing prices of petroleum products at the pumps from today September 2, 2024. Market leader GOIL is selling at litre of petrol at GH₵14.16. This represents a 6 pesewas drop per liter and 0.42 percentage point reduction per litre of petrol. Diesel is also going for GH₵14.70 from its old price of GH₵14. 90. This represents 20 pesewas drop in prices, and 1.34 percentage points reduction per liter of diesel. The second biggest Oil Marketing Firm, based on half year industry data, Star Oil has also reduced prices of its petroleum products. The company reduced the price of petrol per litre by some 0.73 percentage points, going for GH₵13.65. This represents 10 pesewas reduction from the previous price Star Oil was selling on the market. Diesel on the other hand is going for GH₵13.85 per litre from its old price of GH₵14.02. However, Star Oil is undertaking some promotions at selected stations across the country.  At these stations, a litre o...

The Bank of Ghana (BoG) has indicated that it will continue to clamp down on illegal lending apps, used to threaten people who default in paying back loans. According to the central bank, it is a crime to threaten loan defaulters with publication of pictures and confidential data. In recent times, there has been a growing trend of the act which has unfortunately forced some defaulters to commit suicide. Speaking at the MTN Ghan mobile money @15 Fintech Stakeholders' Forum, the Director of Fintech at the BoG, Kwame Oppong, cautioned that the central bank will not allow unauthorised products to destabilise the financial sector. Nothing should be introduced in this country that causes instability in the financial sector and somehow put the integrity of the economy at risk. Secondly, nothing should come into the country that somehow jeopardizes the livelihoods of individuals and businesses.” He stressed that it is unthinkable to threaten people because they have defaulted in paying bac...